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It's not that simple. Announcing a merger doesn't necessarily a high chance of success. A recent, relevant example is Comcast's 2014-2015 merger with TWC that was called off after regulator push-back.

http://www.forbes.com/sites/greatspeculations/2015/04/28/com...



Or the AT&T merger with T-Mobile... that not only didn't go through it resulted in a massive contract clause with a $1B payout for T-Mobile...




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